Checking accounts chapter 23 section 2

Slides:

Advertisements

Similar presentations

Opening A Debit/Checking Account Income and Money Management

Advertisements

Checks & Payment Methods Ch PoB The First Deposit Starts with providing personal data and a sample of your signature Signature Card – document.

Chapter 9 Review. Parts of a Check 7 89 Date line Payee Numeric amount Written amount Memo Signature Check # Bank routing and account #’s.

“You as a consumer” &“Banking”.   A consumer is someone who buys or uses goods and services  Consuming involves 3 stages 1.Making Choices  Products.

Checking Account Opening a Checking Account. Advantages of a Checking Account  Convenience  Write checks at home  Pay bills by mail  Don’t have to.

© Thomson/South-WesternSlideCHAPTER 231 BANKING AND CREDIT 23.1Financial Institutions 23.2Checking Accounts 23.3Credit and Its Use Chapter 23.

Opening a Checking Account Advantages Types of Checking Accounts Opening an Account Endorsements Recording the Deposit.

Your Checking Account Life Choices _________. Brief Checking Account Facts _____ to manage your money Can write checks for the _____ Safe to _____ Can.

Checking Accounts and Other Banking Services

Money on demand! The Checking Account

Checking Accounts and Other Bank Services. Purpose of a Checking Account It allows the depositor to pay a stated amount (Check) to a person or business.

FINANCE Chapter 9 Checking Accounts and Other Banking Services.

Banking Jeopardy Double Jeopardy Banking Terms Electronic Banking Savings Accounts Signing.

Common payment services What are the common payment services provided by financial institutions? 1.

Checking Accounts. What is a Checking Account? 1.A checking account is a sum of money that you deposit in a bank or other financial institution, to hold.

Teens 04/09. Beware The High Cost Of Financial Services pawn shops charge very high interest for loans based on the value of tangible assets (such as.

Checks & Payment Methods CHAPTER 17, SECTION 3. The following are some of the benefits that checking accounts provide for consumers. Convenience and ease.

Checking Accounts and Other Banking Services

Checking Accounts & Banking Services. Purpose Checking account: an account that allows depositors to write checks to make payments Check: written order.

Checking Accounts Chapter 9. Basics Check: ▫Written order to bank to pay the amount stated to the person or business named on it. Demand deposit: ▫Money.

Chapter 29 Checking Accounts pp

Check Writing All About Checks.

Chapter 9 CHECKING ACCOUNTS. Financial institutions (like banks and credit unions) offer a number of services. Can you name a service?

Check Writing All About Checks. Check Writing Checks include the following information:

Chapter © 2010 South-Western, Cengage Learning Checking Accounts and Banking Services Checking Accounts 9.

Chapter 9 – Checking Accounts & Banking. Checking Account Check: written order to a bank to pay a specific amount to a person/business (payee) Canceled.

Financial Services and Institutions Name_____________________________ 1.

PRODUCTS OF BANKING. Endorsements Before you cash, deposit, or transfer a check to someone else, you must first endorse the check. Endorse: to sign your.

© 2003 SOUTH-WESTERN PUBLISHINGCHAPTER 23Slide 1 CHAPTER 23 BANKING AND CREDIT 23.1Financial Institutions 23.2Checking Accounts 23.3Credit and Its Use.

Essential Standard 4.00 Understand the role of finance in business.

Cash Control and Banking Activities Making Accounting Relevant Businesses deposit all cash and checks into a bank account and make payments using checks.

Checking and Banking

Check Writing All About Checks. Check Writing Checks include the following information:

Chapter 9 Checking Accounts and Other Banking Services.

Section 3: Banking Services

Checking Account and Banking Services. Objectives Understand the purpose, uses, and advantages of a personal checking account. Understand the purpose,

Checking Accounts CheckCheck A written order to pay a stated amount to a person or business Checking accountChecking account  Also known as “demand deposit”

Personal Finance Checking Accounts Presented By Mrs. Bowden.

How much do you know about the most common form of bank account?

Check Writing All About Checks.

Check Writing All About Checks.

Check Writing All About Checks.

Chapter 3 Banking Services

Understand the role of finance in business

Financial Institutions and Services

Check Writing All About Checks.

CHAPTER 4 Banking.

Chapter 5, Section 2 Savings and Payment Methods

DO NOT WRITE BELOW THIS LINE

How to use a checking acct

Check Writing All About Checks.

Cash Control and Banking Activities

Banking and Financial Services

Checking Accounts Chapter 23.2

Check Writing All About Checks.

Check Writing All About Checks.

Check Writing All About Checks.

Chapter 9: Checking Accounts and Other Banking Services

Check Writing All About Checks.

Check Writing All About Checks.

Understand the role of finance in business

Checking Account Check: written order to a bank to pay a specific amount to a person/business (payee) Canceled check: a check that has cleared the bank’s.

17-3 Checks and Payment Methods

Check Writing All About Checks.

Bell Ringer: Answer these questions:

Understand the role of finance in business

Check Writing All About Checks.

Check Writing All About Checks.

Check Writing All About Checks.

Balancing a Checkbook UNIT FOUR.

Presentation transcript:

Checking accounts chapter 23 section 2

Understanding checking accounts Checking accounts are one of the most commonly used banking service. Checking accounts have to main advantages: Safety & Convenience. It is best to put your money in checking accounts because it is a lot safer then keeping large amounts of cash at home. Another type of checking account is an interest-bearing account called a negotiable order of withdrawal account.

Types of Checking Accounts Banks usually offer a variety of checking accounts. As long as the minimum balance is in the account there will be no extra charge. A second type of checking account is the special account , often called a cost per-Check account, With this account you pay a flat monthly service charge. Another type of checking account is interest-bearing account called a negotiable order of withdrawal account Also known as NOW.

Opening a Checking Account Once you have decided on a bank and checking account, opening an account is very simple. You will have to fill out a form known as a signature card. The signature card asks for your info such as address , phone number , Social security number, and similar data. At the end of the card you put your signature.

Writing a Check A blank check requires 5 kinds of info. Date-Record date on the check. Payee-the person or institution that you write it to. Numerical amount-The amount of the check in 2 places. Written amount-Ten and 50/100 Account number-acct#4738-01-796

Keepin a Check Register After you open an account, you will receive a supply of imprinted checks and check register. The register is where you keep a record of checks written , deposits made , and other transactions.

You must endorse a check before you cash or deposit it. Endorsing a Check An endorsement is your signature , sometimes with a brief message , on the back/left side of a check. You must endorse a check before you cash or deposit it. There are 3 different types of endorsements: blank , restrictive , and full.

You can receive a portion of the deposit in cash. Making a Deposit The process of putting money into a checking account is known as making a deposit. To do this you fill out the preprinted deposit ticket is used to deposit any combination of currency , coins , and checks. You can receive a portion of the deposit in cash.

Balancing a Statement Once a month , the bank will send you a packet that includes a statement of account and the cancelled checks that you wrote.

Checkpoint What are 2 main advantages of having a checking account? Explain the basic difference between a regular checking account and a special checking account. Name the 5 kinds of information you must write on a check.

6. In simple terms , what is the purpose of balancing a checkbook? Checkpoint Continued 4. What is a mistake people often make with their check registers ? How can this mistake be prevented? 5. How should you endorse a check if your name is misspelled on the face of a check? 6. In simple terms , what is the purpose of balancing a checkbook?